QLD Flooding

Hey guys,

I do remember seeing a thread or two on this topic before but I just wanted to ask a few questions around flooding especially in QLD.

I flew into Brisbane on Monday to check out a few properties. The night before the inspections, I looked at the interactive flood maps on the QLD govt website. And one house that I was going to inspect was within a flood risk area (I'd normally avoid these properties).
I thought I might as well see it as I had teed it up with the REA, and it would be good to get a feel for the suburb. Anyways, it appeared like I could get a decent deal for this one (taking into the flood risks into consideration).
After talking to the REA (who seemed the most honest out of all the REA's that I dealt with that day) he said about 30 groups have come through and only 2 groups have brought it up. Anyways, he mentioned that during the floods in 2011, it didn't reach the property or the entire suburb for that matter.

As I didn't want to take it as gospel, I talked to a few people I know and they said that the flood maps are quite conservative.
Also, I checked NRMA insurance to see if they had spiked up the insurance on this property and it was the same as others (relatively normal) that weren't in flood risk areas.

I understand it's all about the perception though for owner occupiers (not investors), so do people as part of their checks look at these interactive flood maps and say no immediately?
Are there any other checks people do in regards to properties in flood risk areas?

Fitz

 

I bought one in Brissy last year and looking to buy one now. First thing I always do is check flood maps for a property I am looking at. If its in a flood zone I don't bother with it at all. IMO the hassle and stress of dealing with a property if it were to flood is really not worth it.

Also remember, whilst you may buy it cheaper than other properties, if you eventually try to sell it, it will also probably sell cheaper than other properties.

 

yes absolutely. You might hget it cheap, but it will also be factored in to the sale price when its time to sell.

 

You need to use a bit of grey matter here, if insurance is normal, and all neighbors say never flooded or even been in the area/suburb, then I would consider it.

You can be on the top of a mountain, but still be effected by flood (heavy downpour in short period)

You can also use the overlays to see historic events in BCC.

The maps could also change or be re modeled.

 

Yes, it will always have a discount if you buy it due to this reason, unless the map changes

 

With the maps changing, that's what i was thinking if the maps were conservative. So if its a buy and hold, it could go in your favour. Then again, that's a lot of speculation! Haha

 

Does the block actually flood or does rainwater flow along the street or down the side of the yard?

 

It doesn't flood and I'd imagine rain would just flow down the street.
Supposedly, the waters would need to raise 8m at the floodgates for a major flooding to occur. And it doesn't come close to overflowing during the 2011 floods.

 

This is the key point I think, after a heavy downpour rainwater will have to flow somewhere and its usually down a street.

If you discount every property on a street showing this then its a little limiting.

As well as an insurance quote if its a BCC property look up the Floodwise Report as well.

I wouldn't buy a property where the back yard floods but aren't concerned by overland flow down streets providing the property doesn't have all the water flowing towards it.

 

Hmm I like your floodwise report point - it appears it could be in an overland flow planning area.

 

@Fitzy1903 did NRMA specifically tell you that the property is not in a flood prone area?
Because I tried using this method when doing my research on a flood prone property with my insurer EBM, and the insurance premium came back the same as other non-affected flood properties.
EBM told me that it doesn't matter if it's in flood prone area or not when it comes to insurance premiums as they don't cover for flood damages anyway so the premiums aren't affected.

I was speaking to REA last week and she told me that flood maps only get worse, never better/improve. This is to cover the liability of council.

 

EBM don't care because they don't cover flood.

I would have thought that insurers who do cover flood would care about the specific location.

 

Does NRMA?

 

Don't know, I thought most did now offer this automatically as it became a highly political subject post 2011.
I have had policies with Suncorp, Allianz and Youi and all provide it. QBE, I can't remember without looking for PDS.
I've never used NRMA.

 

Yes they do.

 

Yeah Taku, as per others EBM policy is not a flood one, if a place is in an area where insurers know it actually floods, or highly likely, the premium will show it's effect.

I have checked a few with NRMA and Suncorp and others that were under water according to the maps, according to 70+ year old residents in lowsets water never been close to any house, let alone in the house.

A lot of it is modelling for over land or storm surge etc, I think you have to look at what the bigger floods touched, the last one should give an idea of where water will likely to go.

 

Taku, nah it didn't mention anything. So as Sash said, if they do cover floods, then surely it would increase in premiums if it's a flood area.

 

Interesting - surely they could improve the flood areas though. Perhaps, it's more so just low lying areas that they are referring too.

 

Not really NRMA quote was $950 (i have 4 policies maximum discount) ...vs $880 for EBm which does not cover floods. The EBM one was slightly superior...I wanted the flood cover thus the decision.

 

No, you could be on the top of a mountain and be placed where heavy rain would cause local flooding.

Water takes a path somewhere, and in some places if the stormwater system gets overloaded, the water will find it's path somewhere.